Crude oil prices flat, DJIA, USD Index flat

Crude oil price trend

Crude oil price trading flat since Monday with no major trend. Currently prices are trading at 66.45. Tuesday price showed some weakness but buyers fought well on lower levels and managed to sustain above 66$ since then. Currently we have a good resistance on chart at 67.20$, If traders break and sustain above this level. Then expect more firepower in oil prices upto 68.50$- 69.80$ today.

oil chart june 14th

oil chart june 14th

A good support on crude oil price chart stands at 65.40$, If traders break and sustain below this level. Then expect pressure upto 64$- 62$ soon.

Crude oil price trend is positive for now. Avoid any major sell trade.

DJIA Index analysis

DJIA Index crashed yesterday after Fed decided to hike interest rate by 25 bps. It was an expected move as markets were waiting for 25 bps cut. But hawkish tone of Fed was an not expected. Equity markets crashed after fed said they will look for three interest rate hikes instead two this year. Stock traders didn’t like it and a major sell off initiated from 254000 to 25150 within hours. DJIA Index shaved nearly 200 to 250 points within hours.

Currently Dow index trading at 25150, A good support on technical chart stands at 24970, If traders break and sustain trade below 24970. Then expect more pressure in wall street upto 24700- 24500.

A good resistance on technical chart stands at 25320, If traders manage to break this resistance and sustain above 25320. Then expect good recovery in DJIA Index upto 25450- 25600.

DJIA index analysis conclusion: After hawkish fed move markets are looking weak. More sell off not ruled out. So better not to buy. Wait for more downside or let the trend clear for once.

USD Index forecast

USD Index crashed badly after rate hike last night. Currently dollar basket trading at lowest point of the day at 93.02. A good support on USD Index chart stands at 92.78, Once traders break and sustain below this then expect more pressure in basket upto 92.50- 92.30 today.

A good resistance on dollar index chart stands at 93.33, If traders break and sustain above our resistance. Then expect mild recovery upto 93.70- 93.99.

USD Index trend is weak for now.

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